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Friends gets £50m boost from Resolution's Malaysian sell-off

by Michelle Abrego on Jan 07, 2013 at 10:07

Friends Life will receive a £50 million boost through the sale of Malaysian life company AmLife by parent Resolution.

Provider consolidator Resolution has sold its 30% interest in AmLife and AmFamily Takaful to its joint venture partner AmBank Group for 245 million Malaysian Ringgits.

Resolution dissolved the joint venture after reaching the conclusion that it would require a greater level of short term investment and commitment to meet its growth potential than Resolution could provide.

John Van Der Wielen (pictured), chief executive of Friends Life International Division, said the sell-off followed a strategic review of Friends international business.

'As a result of the international strategic review, we have decided that the focus of the division will be entirely on its two wholly-owned businesses, Friends Provident International and Lombard International Assurance,' he said.

'These businesses now have plans that generate improved profit and cash returns. AmBank has been a great partner and I am confident they will continue to be successful.'